DDM Analysis: SMDS.L

Valuation Snapshot

Stable Growth	$72.24 - $266.87	$120.96
Multi-Stage	$73.00 - $79.98	$76.43
Blended Fair Value	$98.69
Current Price	$3.50
Upside	2,719.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.72%	12.81%	0.71	0.84	0.48	0.00	0.64	0.54	0.45	0.35	0.31	0.27
YoY Growth	-	-	-14.53%	74.10%	0.00%	-100.00%	18.72%	19.11%	29.75%	12.04%	14.89%	27.03%
Dividend Yield	-	-	20.41%	27.13%	14.50%	0.00%	20.58%	15.15%	9.34%	8.55%	8.80%	8.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	887.00
(-) Cash Dividends Paid (M)	536.00
(=) Cash Retained (M)	351.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	177.40	110.88	66.53
Cash Retained (M)	351.00	351.00	351.00
(-) Cash Required (M)	-177.40	-110.88	-66.53
(=) Excess Retained (M)	173.60	240.13	284.48
(/) Shares Outstanding (M)	345.82	345.82	345.82
(=) Excess Retained per Share	0.50	0.69	0.82
LTM Dividend per Share	1.55	1.55	1.55
(+) Excess Retained per Share	0.50	0.69	0.82
(=) Adjusted Dividend	2.05	2.24	2.37
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	3.39%	4.39%	5.39%
Fair Value	$72.24	$120.96	$266.87
Upside / Downside	1,963.86%	3,355.87%	7,524.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	887.00	925.96	966.62	1,009.07	1,053.39	1,099.65	1,132.64
Payout Ratio	60.43%	66.34%	72.26%	78.17%	84.09%	90.00%	92.50%
Projected Dividends (M)	536.00	614.30	698.45	788.81	885.75	989.69	1,047.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	3.39%	4.39%	5.39%
Year 1 PV (M)	572.21	577.74	583.27
Year 2 PV (M)	606.00	617.78	629.67
Year 3 PV (M)	637.50	656.17	675.21
Year 4 PV (M)	666.79	692.96	719.90
Year 5 PV (M)	693.97	728.19	763.74
PV of Terminal Value (M)	22,069.89	23,158.03	24,288.67
Equity Value (M)	25,246.36	26,430.88	27,660.47
Shares Outstanding (M)	345.82	345.82	345.82
Fair Value	$73.00	$76.43	$79.98
Upside / Downside	1,985.81%	2,083.67%	2,185.26%

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DS Smith Plc (SMDS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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